Commodities knock Europe shares from 11-mth highs

LONDON, Sept 18 (Reuters) - European shares pulled back on Friday from an 11-month high reached the previous session as commodity stocks fell, but banks rose with Lloyds (LLOY.L) reversing earlier losses to trade up on a Goldman Sachs note.

Defensive drugmakers, which have lagged the rally, emerged as the day's top gainers.

The FTSEurofirst 300 .FTEU3 of top European shares unofficially closed 0.4 percent lower at 1,007.27 points and was up 1.3 percent for the week.

Heavyweight commodity stocks eased as investors pocketed gains after recent hefty rises. Oil and gas producers BP (BP.L), Royal Dutch Shell (RDSa.AS), Total (TOTF.PA), BG Group (BG.L) and StatoilHydro (STL.OL) were down 0.3-1 percent.

Among miners, BHP Billiton (BLT.L), Xstrata (XTA.L), Anglo American (AAL.L), Antofagasta (ANTO.L) and Kazakhmys (KAZ.L) dropped 0.7-2.4 percent. But banks were generally firmer, with Lloyds Banking Group reversing earlier losses to trade up 0.9 percent after a Goldman Sachs' bullish note on the UK bank's plan to quit the British government insurance scheme.

HSBC (HSBA.L), Banco Santander (SAN.MC), UBS (UBSN.VX), Credit Agricole (CAGR.PA), Commerzbank (CBKG.DE) and Natixis (CNAT.PA) rose 0.8-3 percent.

"There is still no indication that the market wants to come down. We are not generating enough noise or investment debate to suggest that the market is tired," said Geoff Wilkinson, head of investment research at Mint in London.

"There is some strong suspicion that some of the moves we have seen recently is driven by people who need to buy this market rather than want to," he said.

Drugmakers AstraZeneca (AZN.L), GlaxoSmithKline (GSK.L), Roche Holding (ROG.VX), Sanofi-Aventis (SASY.PA) and Shire (SHP.L) rose 0.2-2 percent. (Reporting by Dominic Lau)